(Yicai Global) March 10 -- The Hongkong and Shanghai Banking Corp. has begun construction of its biggest ever training center in Guangzhou, southern China, as it places the country at the forefront of its growth strategy.

HSBC is building the USD150 million facility in Nansha district, the bank said on WeChat yesterday. It plans to open the center in 2024 and train around 14,000 people a year.

"China is at the heart of HSBC's growth strategy, Chief Executive Peter Wong said. Being the first foreign bank to set up a global training center here, further demonstrates our long-term commitment to this important market."

HSBC is the largest foreign bank in Guangdong, of which Guangzhou is the capital, and has three global operations center and a software development unit in the province to support its worldwide branches and logistics. It also runs HSBC Qianhai Securities and HSBC Life Insurance in the Yangtze River Delta region.

The facility is one of 29 key projects that broke ground in Nansha yesterday, with a total investment of nearly CNY46 billion (USD6.6 billion). Another 30 projects, with investment totaling CNY1.15 trillion (USD166 billion), were also signed off on in the district yesterday, covering modern agriculture, scientific innovation, urban infrastructure, medicine and healthcare.

Editor: James Boynton